Top London Banker’s Effort To Clear Name Nears End

Roman skulls unearthed deep beneath London

A Roman bull plaque. Ten thousand accessioned finds have been discovered at the site. This is the largest assemblage of small finds to have ever been recovered on a single excavation in London.

Yup, if a new London incubator and other developments outside Silicon Roundabout are anything to go by. Gentrification, its a problem for startups too. The startup scene in East London is clearly reaching boiling point with a steady stream of events, accelerator and funding news coming out of the area dubbed Silicon Roundabout. Thats great news for the city and for the startups resident in the area , but its more problematic for entrepreneurs with big dreams but tiny pocketbooks. To be honest with you, it was partly borne out of the excitement of doing something different and pushing West London, says Simon Hill, co-founder and managing director of idea management startup Wazoku, of his companys decision to locate on the other side of town from most of the well publicized action, but he continues, it was massively borne out of the fact that its a lot cheaper over this side of London still. Shoreditch [in the east] has become very, very expensive. Hills solution to rising real estate prices would be familiar to generations of big city dreamers with limited resources move further out to the neighborhood no one else wants yet. Hills co-founder James King also runs the incubator Find Invest Grow (aka FIG), so Hill took his company to their newly minted office space across town. Around September last year a piece of land became available behind Westfield [shopping center in West London]. There was a bunch of warehouses back here, and so we took over the whole warehouse and turned it into our own West London incubator that houses a whole host of different businesses. Having our own four walls was good, he explains. The Advantages Of Heading West This location in FIG Village has other advantages besides a simple set of walls. A lot of the companies we work with are actually out West. If you look at where Cisco, where Microsoft Microsoft , where the big B2B tech is, its actually out this side of town, as is Discovery Channel, Sky and the BBC, Hill says. Wazoku, which provides an internal idea generation and management platform for the BBC has clearly benefited from this proximity. But has being away from the East London tech action created other hassles for the fledgling company?

Hannam quit his job as chairman of capital markets at JPMorgan last year to fight the penalty – one of the highest levied in Britain against an individual. He is seeking to restore his reputation with an appeal that began in July. Lawyers on both sides presented concluding arguments on Thursday, before the judge-led Upper Tribunal retired to consider a decision, a process which could take months. The Financial Conduct Authority, which replaced the Financial Services Authority this year, has not questioned Hannam’s honesty, but has accused him of having a “relaxed and improper” attitude, and spoke on Thursday of “casual” disclosure beyond that allowed and necessary to do his job. “While it is not suggested that Mr Hannam intended to commit market abuse, his behavior cannot be described as an entirely innocent breach,” the FCA said in its written closing statement. “The fact that a person is honest does not mean he automatically escapes serious criticism and a significant penalty,” it said. Hannam, though, has denied the emails contained inside information and argues that even if they did, the disclosures were made in the course of his job as a financial adviser. In a written closing statement, his lawyers added the recipient of the information – a Kurdish minister and oil industry veteran – “understood his responsibilities in relation to potentially sensitive information”. OPENING THE FLOODGATES Hannam was accused in 2012 by the then FSA of sending two emails in 2008 on behalf of a client, Heritage Oil (HOIL.L), which included what the regulator considers “inside” information – on a potential takeover and on a potential oil discovery. No-one traded on the information in Hannam’s emails and the regulator did not remove his “fit and proper” status, required for working in London’s financial sector. But the regulator, which has sought to make an example of a banking heavyweight, argued on Thursday there should have been a clear need to disclose, as well as clarity that the recipient of the messages, in this case Kurdish minister Ashti Hawrami, was aware of the need for confidentiality. Lawyers for Hannam, who was disciplined by JPMorgan in 2009, around the time the FSA began its investigation, have consistently argued he was doing his job in attempting to secure a deal for his client, Heritage. “Mr Hannam’s objectives in sending the email – to galvanize the minister’s interest in a deal with Heritage and to create a window of opportunity in which to act – were perfectly proper ones,” they said in the closing statement. But partly due to Hannam’s candid admissions, that argument has fuelled debate over what it is legitimate for a banker to do and say, and whether even a partial truth is inside information. “I either made it up or I was putting a spin on it to get a meeting (with the minister),” Hannam told the tribunal in July of takeover talks revealed to the minister in one of the emails.

Former JP Morgan Cazenove banker Ian Hannam leaves the Royal Courts of Justice in London October 03, 2013. REUTERS/Neil Hall

Seven meters of archeology have been excavated, including remains covering the entire Roman occupation of Britain — from the mid 40s AD to the early 5th century. A Roman bull plaque. Ten thousand accessioned finds have been discovered at the site. This is the largest assemblage of small finds to have ever been recovered on a single excavation in London. A Roman copper-alloy brooch. A Roman iron knife. A mystery leather item. This site has supplied the largest quantity of Roman leather to have ever been unearthed in London. Roman copper-alloy plate brooch with blue enameling. An inked Roman letter. Over 100 fragments of Roman writing tablets have been unearthed, including an affectionate letter. A ceramic oil lamp depicting a stag. Approximately 700 boxes of pottery fragments will be analyzed by MOLA — Museum of London Archaeology — specialists.

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